Barack Obama’s presidency has had profoundly negative consequences for our national security. From debilitating cuts in defense budgets, to gutting national missile defense efforts, to his unwillingness to acknowledge a continuing war against terrorism, to his inability to stem the nuclear proliferation threats posed by North Korea and Iran....the picture is bleak.

When the G8 major economies convened at Camp David last weekend, the continuing crisis of the euro, common currency of 17 European Union (EU) members, dominated the economic discussions. The agonies of Greece, badly divided in recent parliamentary elections, and forced to vote again on 17 June, were at the forefront.

Attempts at austerity and deleveraging in Europe have converted an economic problem into a political dilemma, with leftist governments rising against Germany's austerity-laced rescue packages. Germany now faces a tough economic decision that will involve choosing between a breakup of the current euro system and a movement toward a common fiscal policy in Europe.

AEI's John Makin examines the consequences of German deflationary policies and Greece's probable exit from the eurozone in the latest Economic Outlook.

Is global governance fundamentally different from earlier forms of international cooperation? Is it a necessary response to the effects of globalization? Does the U.S. Constitution limit the ways the United States can engage in global governance? The AEI Project on Sovereignty will explore the effects of globalization on international law, institutions and the Constitution.